As a seasoned researcher with over two decades of experience in the dynamic world of cryptocurrencies, I have seen my fair share of bull runs and bear markets. The recent surge in Dogecoin (DOGE) has piqued my interest, and I find myself intrigued by the optimistic predictions made by analyst Ali Martinez. If his forecast holds true, we could witness a 120% rally, pushing DOGE to an impressive $0.82.
In the last 24 hours, Dogecoin (DOGE) experienced another significant increase, jumping approximately 17% and reaching a peak of $0.4656. If this upward trend persists, on-chain analyst Ali Martinez predicts that DOGE may climb as high as $0.82.
Dogecoin set for bullish breakout
In a recent post on X, Martinez shared a graph demonstrating Dogecoin (DOGE) attempting to surge beyond a bull flag in its daily chart. This bull flag, as seen on DOGE’s price graph, is a positive pattern that takes the shape of a flag hanging from a pole.
#Dogecoin $DOGE is in the middle of a bullish breakout to $0.82!
— Ali (@ali_charts) November 23, 2024
Typically, it undergoes a short spell of stabilization where the price trends slightly lower following a significant upward surge.
If the price surpasses its current flag, we can expect it to continue its upward trajectory. Martinez predicts that Dogecoin (DOGE) could potentially surge by an additional 120%, reaching around $0.82. But for this bullish trend to occur, DOGE needs to maintain its current support level at $0.37. If the market corrects significantly, $0.32 might serve as a temporary bottom.
The potential for DOGE to rise further depends significantly on Bitcoin‘s (BTC) price trend. If Bitcoin enters a new expansion phase and investor optimism remains strong, DOGE could experience an upward movement as well.
Additionally, the worth of Dogecoin could potentially increase with further developments in its ecosystem and community, particularly when it gets involved in new projects.
Whale comeback
Meanwhile, Dogecoin has recorded remarkable whale activity within the past week.
U.Today recently reported that Dogecoin whales cupped 550 million DOGE, valued at approximately $214.5 million. Community members are confident this whale action will trigger a rebound in the price of DOGE in the coming days.
Known cryptocurrency investor “DonAlt” has shared optimistic opinions regarding Dogecoin (DOGE). According to DonAlt, it’s not only possible for DOGE to regain its previous record-high value but also to break through the widely anticipated $1 threshold in the future.
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2024-11-23 15:59